US-Iran Strikes on Hold, Netanyahu to Attend UN Despite Threats, More
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This week on Leaders, with me, Francine Lacqua. I speak to tennis legend Rafa Nadal about how he stayed competitive despite injury.
I was able to enjoy the victories probably more than if I will not have this issue.
One iconic match.
In my mind was, I am almost dead.
And whether he misses playing.
I don't miss tennis because there was nothing else to offer.
Listen and watch Leaders with me, Francine Lacroix, on Bloomberg Television or wherever you get your podcasts.
News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump is reportedly holding off on major escalations against Iran over a critical shortage in the Pentagon's interceptor stockpile. That's according to The New York Times, which says the administration's expressed concerns about expanding the Middle Eastern conflict. Bloomberg White House correspondent Courtney Subramanian has more from Washington.
Concerns over the Patriot interceptors and other defense munitions have been ongoing throughout this war, and recent escalations obviously only exacerbated that. I asked the White House yesterday about this and got a statement from communications director Stephen Chung saying that the president, quote, has always been consistent in saying he prefers a diplomatic solution, but he continues to retain all the options if Iran continues terrorist activities in the Strait of Hormuz. or against allies. And it would be wise for Iran to work towards a negotiated deal. Otherwise, they will know what will happen.
That's reporter Courtney Subramanian on Bloomberg this weekend. She says the president's also facing mounting pressure from Congress to end the war ahead of midterms. Now, Victoria Coates also weighed in. She's vice president of the Heritage Foundation's Institute for National Security and Foreign Policy and also served as deputy national security advisor to President Trump. She says economic pressure could ultimately resolve this war.
I mean, you have an economy in Iran, which is saying it's on life support is a very kind way of putting it. The real is approaching two million for a dollar. It was 30,000 10 years ago. So that gives you some context for that. Their stock market still isn't trading normally. It hasn't since March. Unemployment's estimated around 35, 40 percent. They may have lost as many as three million jobs. And so you look at those metrics and the kind of ongoing pressure from Operation Economic Fury that Secretary Besson initiated. You know, it just can't go on.
Victoria Coates with the Heritage Foundation on Bloomberg this weekend. Israeli Prime Minister Benjamin Netanyahu says he plans to press President Trump in their meeting this week in Washington to keep a constant, constant watch on Iran's nuclear program. He also talked about his upcoming visit to New York City for the U.N.
Why is the U.S. reportedly holding off major strikes on Iran over interceptor shortages?
General Assembly. Netanyahu tells Fox News he'll be there despite Mayor Zoran Mamdami's threats to have him arrested.
He's fomenting hate. He's supposed to be the mayor of all New Yorkers, Jews, Christians, Muslims, everyone. But he's trying to turn one group against the other, and he's foisting hate and fear.
Mamdami has called Netanyahu a war criminal and says he's not welcome in New York. Ongoing tensions in the Middle East keep driving up oil prices and that's raising questions about how high prices at the pump could go by the end of summer. Rebecca Babin is a senior equity trader at CIBC. I don't think we're hitting five.
I think we're probably going closer to the 425, 430 level. And that really depends on what happens from here. If we continue to see Hormuz fully restricted with only a trickle going through and also Red Sea flows impacted, yes, I think we're going back to kind of that 450. If we also continue to see Ukraine target Russian refineries, again, 450 is very realistic.
According to AAA, the national average is now 4.11 a gallon, but Brent crude has soared about 27% in the past two weeks, closing near $97 a barrel Friday. Meantime, central bankers all over the world are set to reveal just how worried they are about higher oil prices.
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